Stock Market News

UBM pinches De La Rue Chief Executive

Marketing and communications services business UBM has appointed De La Rue's Chief Executive Officer to replace out-going David Levin.

Tim Cobbold will leave De La Rue on March 29th, when non-executive Chairman, Philip Rogerson, will be appointed Executive Chairman until a new Chief Executive joins the board.

He will take up his position on UBM's board on May 6th.

Colin Child, De La Rue's Group Finance Director, will be appointed Chief Operating Officer on a temporary basis.

Head hunters will be appointed to commence a search for a new Chief Executive and will work with the board's nomination committee to identify suitable internal and external candidates, the company said.

As previously reported, for the period between Levin's departure at the beginning of March, and the arrival of Cobbold, UBM Chairman Dame Helen Alexander will takeover the interim role of Executive Chairman.

Cobbold described himself as "delighted" to be joining UBM and said he looked forward to "developing the business further".

He added that he was "very proud of what the De La Rue team has achieved over the past three years" and said the business was "much stronger today with a significantly improved financial performance, and is well placed for the future".

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